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Mellon and MBI to Provide Health Savings Account as Part of
Consumer-Driven Product Suite
Provides Health Plans and Third Party Administrators With a One-stop Source for
all Spending Account Products, With the Consumer Convenience of Benefits Debit
Cards
RIDGEFIELD PARK, N.J. and WALTHAM, Mass., Dec. 6 /PRNewswire-FirstCall/ --
Mellon Financial Corporation and MBI today announced they have signed a letter
of intent to offer health plans and third party administrators a Mellon health
savings account (HSA) combined with the recognized convenience of the MBI
Benefits Card(TM). The alliance joins together the expertise of Mellon's Human
Resources & Investor Solutions (HR&IS) business and the market leadership of
MBI, an employee benefits software company that offers the first and most
widely used benefits debit card. It will provide a one-stop source for health
plans and administrators seeking to provide a full consumer-driven healthcare
product suite.
Mellon and MBI will offer health plans and third party administrators (TPA) a
single source to establish HSAs as well as to process, track and transfer
payments for these accounts. In addition, health plans, TPAs and employers can
offer employees easy access to their HSA funds with the MBI Benefits Card. The
same card can also be linked to additional benefit accounts or "purses"
including health reimbursement arrangements (HRA), flexible spending accounts
(FSA), transit/parking and dependent care accounts.
"HSAs represent a powerful new approach for addressing spiraling health care
costs," said James D. Aramanda, Mellon vice chairman and head of its HR&IS
business. "Together, Mellon and MBI will conveniently provide health plans and
third-party administrators with a full-service HSA product."
"There is significant momentum behind the consumer-driven healthcare movement.
But it's essential that everyone, from employees and employers to TPAs and
health insurers, have a simple and easy way to manage HSA funds. Mellon and MBI
are working together to provide a one-stop source to handle HSA payment
transactions and fiduciary responsibilities, with the added convenience of a
benefits debit card," said Robert L. Natt, president and CEO of MBI.
"MBI has been an important partner in our growth as an award-winning healthcare
services provider," said Joseph Wild, senior vice president of sales and
product development at Independent Health, a full-service health-solutions
company providing health benefits and services to more than 385,000 members in
Western New York and throughout the U.S. "As Independent Health looks to expand
its offerings into health savings accounts, MBI and Mellon's relationship
represents an extremely attractive coupling of two recognized domain leaders in
the burgeoning self-funded and consumer-directed healthcare market."
About the MBI Benefits Card
MBI's powerful, healthcare payment platform supports benefits debit cards that
allow employees to access tax-free benefit accounts with a single nationally
accepted debit card. The MBI Benefits Card helps employers and employees enjoy
maximum tax benefits while also eliminating the tedious and time consuming
paper-based cash reimbursement process. MBI's solutions can handle multiple
employee accounts/purses, multiple spending tiers and pre- and post-tax
contributions. Health plans and TPAs look to MBI as a single source for their
branded consumer-directed cash account management.
About Mellon Financial Corporation
Human Resources & Investor Solutions is the worldwide human resources and
shareholder services business of Mellon Financial Corporation, a global
financial services company. Headquartered in Pittsburgh, Mellon is one of the
world's leading providers of financial services for institutions, corporations
and high net worth individuals, providing institutional asset management,
mutual funds, private wealth management, asset servicing, human resources and
investor solutions, and treasury services. Mellon has more than $3.7 trillion
in assets under management, administration or custody, including $670 billion
under management. Its asset management companies include The Dreyfus
Corporation and U.K.-based Newton Investment Management Limited. News and
other information about Mellon is available at http://www.mellon.com/ .
About MBI
MBI offers a consumer-directed benefits payment platform plus the country's #1
employee benefits card - electronically accessing Flexible Spending Accounts,
Health Reimbursement Arrangements, Health Savings Accounts, Transit/Parking
Accounts and Dependent Care Accounts all on one card. MBI's Benefit Card allows
employees to pay for eligible expenses at physician and dental offices,
pharmacies and vision service facilities. In July 2003, MBI was selected by
America's Health Insurance Plans as a Solutions(TM) partner and extends
preferred terms to America's Health Insurance Plans' nearly 1,300 health
insurance plan members. More than 13,000 employers, including many Fortune 500
companies, have made MBI the benefits card of choice for their employees.
Experience The Benefit at http://www.mbibenefits.com/ .
DATASOURCE: Mellon Financial Corporation
CONTACT: Ed Gadowski of Mellon Financial, +1-201-373-7336,
; Dana Conti of MBI, +1-781-684-0770,
Web site: http://www.mellon.com/
http://www.mbibenefits.com/